After a slow year in 2013, the real estate sector in Mauritius is set to stage a recovery in 2014 as five big projects involving construction of high-end IRS (Integrated Resort Scheme) villas, bungalows and hotels have been launched since the start of this year.
The Parc de Mont Choisy project, the Choisy Les Bains Limited project, the expansion of the Azuri Village, the Coral Beach residential project in Balaclava and a hotel at Anse-la-Raie figure as some big-ticket investments lined up for the realty segment of the island economy.
Furthermore, these projects are also expected to contribute to the recovery of the construction industry, which has seen an extremely difficult year in 2013 on the back of low public and private investment.
The Parc de Mont Choisy IRS site forms part of the greater Mont Choisy Domain which is privately owned by Mont Choisy Property Development Limited. The project covers construction of 197 residential units over 10.5710 hectares of freehold land and is expected to involve investments of over a billion rupees.
The first phase of the project involves the construction of 97 villas for which delivery is scheduled for December 2015. The construction of another 100 houses will start in January 2015 and the work will be completed by June 2017.
The team responsible for the development of the Parc de Mont Choisy IRS is Mont Choisy Property Development Limited, which is also providing the legal, engineering, and project management services in connection with the project.
Another big residential project which will be undertaken at Mont Choisy is owned and operated by realty firm Choisy Les Bains Limited.
The project plan proposes the construction of garden houses – duplex villas for residential purposes – as well as blocks of apartments, and is being implemented under the Real Estate Scheme (RES).
It is expected to have a positive and significant impact in terms of much needed direct investment estimated at some Rs 1.2 billion, where around 210 to 370 jobs opportunities would be generated during the construction and operation phase.
The project will accommodate 16 duplex blocks with 32 garden houses with an individual swimming pool for each villa, and 14 blocks of apartments.
Further, the expansion of Azuri village phase 2, designated the Naryail residential project, has finally been approved.
The new phase comprises both residential and leisure links around well landscaped secure out-yard gardens, and maximizes views to the sea, the market square and the mountains.
In addition, the Coral Beach project in Balaclava that covers the construction of 84 bungalow units is also on track, with around Rs 1 billion of expected investment.
It is expected to feature 14 independent blocks with swimming pools as well as dine in facilities. According to project owners Nath & Nath Co Ltd and SAI Hotel Ltd, the project will create more than 500 jobs.
Finally, the construction of a hotel and villas in Anse-la-Raie is in the pipeline. Tirupa Tourism Enterprises Ltd has recently received approval for the project on which work is expected to begin by mid-March and will be completed early 2015.
The project will be implemented across an area of 54,600 m2 and will involve the construction of a 138-room hotel and a dozen villas.
The implementation of all these projects will accrue multiple economic benefits for the economy, including creation of both direct and indirect employment opportunities, besides reviving the flagging construction sector which shrank as much as 9.4% last year, after having dipped 3% in 2012.
Image (via Mauritius Property): Five big projects involving construction of high-end IRS (Integrated Resort Scheme) villas, bungalows and hotels have been launched since the start of this year.
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